(Jewish Telegraphic Agency)
Felix M. Warburg, Herbert Lehman and Julius Rosenwald were suggested by Henry Morgenthau, former United States Ambassador to Turkey, to serve with him as American members of a Committee to study the possibilities of a national loan for Palestine or a special Jewish loan for the reconstruction of Palestine.
This suggestion was made by Mr. Morgenthau following his visit to Palestine. He described the advance, since his last visit in 1914, of the country, as “stupendous,” and recommended prominent Jewish financiers to make an exhaustive study whether Palestine is ripe for that financial assistance which successful development requires. “The Zionists have achieved a great political victory. The question now is, can the movement stand an investigation of the economic possibilities, the leaders abiding by it,” Mr. Morgenthau stated.
If the Zionists invite him, Mr. Morgenthau is willing to be one of the investigators.
Having directed successfully the $50,000,000 Greek loan, Mr. Morgenthau believes that Palestine is capable of arranging a loan on similar terms, setting aside certain state duties and land revenues to make up the difference on interest payments.
Mr. Morgenthau would undertake to study the possibilities of a national loan for Palestine or a special Jewish loan for the reconstruction of Palestine, for which the last Zionist Congress appointed a commission under Dr. Arthur Ruppin, the Palestine economic expert.
He considers that he has 10 more years activity, which he is willing to devote to further service for the Greek nation, or to study to improve the Philipino situation or, if possible, to aid his own people in Palestine.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
